Plotted by close date where disclosed, otherwise announcement. Select any marker to jump to the deal entry.
Three patterns run through Afya's acquisitions — what it looks for, how it pays, and how it folds in what it buys.
25 acquisitions — each with the deal value, financing structure, target revenue, and executive commentary where disclosed.
On March 29, 2019, as part of a corporate reorganization, BR Health and Guardaya were merged into Afya Brazil, transferring 100% of Guardaya, Medcel Editora and CBB Web to Afya. Medcel is Afya's digital medical-education arm, providing preparatory courses and specialized content for doctors and medical-residency candidates, and forms the core of the company's Business Unit 2 (continuing education). The transaction also brought a 15% interest in UEPC (a medical school with 120 undergraduate medical seats), with a further 15% of UEPC contributed on June 18, 2019.
On April 3, 2019, Afya Brazil acquired control of Instituto Educacional Santo Agostinho S.A. (FASA) through the purchase of 90% of its shares. FASA is a post-secondary education institution with campuses in the states of Bahia and Minas Gerais offering on-campus undergraduate medicine courses. The R$201,565 thousand price comprised R$102,330 thousand cash at close plus installments payable in April 2020, 2021 and 2022; a roll-up of FASA's minority shareholders was concluded on June 14, 2019.
On May 9, 2019, Afya Brazil acquired control of IPEMED through the purchase of 100% of its shares. IPEMED is a post-secondary education institution with campuses in Bahia, Minas Gerais, Rio de Janeiro, Sao Paulo and the Distrito Federal, focused on medical graduate (postgraduate) programs for physicians. The R$97,542 thousand purchase price included a R$25,000 thousand cash advance through April 2019, R$27,239 thousand cash at close, and R$45,303 thousand payable in five annual installments from February 2020 to February 2024.
On August 13, 2019, Afya Brazil acquired 100% of the share capital of IPEC, at the time a non-operational post-secondary institution with governmental authorization to offer on-campus undergraduate medicine courses in the State of Para. The acquisition added approximately 120 medical seats and IPEC became operational in September 2019. The aggregate purchase price was R$108 million (R$108,000 thousand): R$54 million cash at close and R$54 million payable in two equal annual installments adjusted by the CDI rate.
On January 31, 2020, Afya Brazil acquired 100% of UniRedentor, a post-secondary education institution in the State of Rio de Janeiro authorized to offer on-campus undergraduate and graduate programs in medicine and health. The acquisition added 112 medical school seats, with a potential 44 additional seats subject to MEC approval. The original R$214,608 price was adjusted by R$4,503, comprising R$114,607 paid in cash at close and R$100,000 payable in five installments from January 2021 to July 2024.
On May 5, 2020, Afya Brazil acquired 100% of UniSL, a post-secondary education institution in the State of Rondonia authorized to offer on-campus undergraduate courses in medicine and health as well as other medical-related degrees. The acquisition added 182 medical school seats, with 100 additional seats pending MEC approval that could trigger a further payment of up to R$80,000. The original R$201,521 consideration was adjusted by R$7,816, with 70% payable in cash at close and 30% in three equal installments through 2023.
On July 20, 2020, Afya Brazil acquired 100% of PEBMED, which offers content and clinical tools for healthcare professionals through web portals and mobile apps. The original R$132,900 price was adjusted by R$30, comprising R$115,339 paid in cash and R$17,531 paid in Afya Brazil shares (later exchanged for 141,976 Afya Limited shares). The deal marked part of Afya's entry into digital health services.
On November 3, 2020, Afya Brazil acquired 100% of FESAR, a post-secondary education institution in the State of Para authorized to offer on-campus undergraduate courses in medicine and health, where the medical course represented 70% of its 2019 net revenue. The acquisition added 120 medical school seats. The aggregate R$260,836 price (including CDI adjustment and real estate estimated at R$17,397) was paid entirely in cash at close and later adjusted by R$1,569 paid on February 25, 2021.
On November 4, 2020, Afya Brazil acquired 100% of MedPhone, a clinical decision and leaflet consultation app in Brazil that helps physicians, medical students and other healthcare professionals make faster and more accurate day-to-day decisions. The net purchase price of R$6,373 was paid entirely in cash at close and later adjusted to R$6,409 (a R$36 adjustment paid on February 2, 2021).
On November 9, 2020, Afya Brazil acquired 100% of FCMPB, a post-secondary education institution in the State of Paraiba authorized to offer on-campus undergraduate courses in medicine, where the medical course represented 99% of its 2019 net revenue. FCMPB had been constituted through a spin-off in August 2020 and added 157 medical school seats. The total net price of R$379,913 was adjusted to R$378,807, comprising R$189,913 paid in cash at close and R$188,894 payable in four equal installments through 2024.
iClinic is a SaaS physician-focused technology company and the leading medical practice management software in Brazil, digitalizing doctors' daily clinical routine (electronic medical records and clinic management). Afya acquired 100% of the share capital; the R$191,120 thousand price was 62.6% cash and 37.4% settled in Afya shares. The business was folded into Afya's Digital Services segment as a step toward becoming a one-stop shop for physicians.
Medicinae (Medicinae Solutions S.A.) is a Brazilian healthcare technology company specializing in healthcare payments and financial services, offering a platform that lets healthcare professionals manage receivables using a FIDC (Receivables Investment Fund). Afya acquired 100% for R$9,172 thousand (R$5,600 cash plus a contingent earn-out of up to R$4,400 tied to 2021 product goals and 2022 revenue). It expands Afya's Digital Services segment into healthcare fintech.
Medical Harbour offers educational health and medical imaging solutions through an interactive platform for anatomical study, 3D virtual dissection and analysis of medical images. Afya acquired 100% for R$11,278 thousand (R$5,000 cash plus a contingent earn-out of up to R$9,000 tied to 2021-2022 product goals and 2023 revenue). It lets Afya deliver high-quality digital tools for studying the human body across its education ecosystem.
Cliquefarma is a healthtech company operating a free-to-use website that tracks prices of prescription drugs, cosmetics and personal hygiene products across more than 15,000 pharmacies in Brazil, monetized via cost-per-click and cost-per-acquisition models. Afya acquired 100% for R$22,089 thousand (R$16,166 cash, R$3,000 in Afya shares, plus a contingent earn-out with present value of R$2,923). It joined the Digital Services segment.
Shosp (Shosp Tecnologia da Informacao Ltda.) provides clinical management software covering the functionality clinics across Brazil need to manage financials, patient appointments, medical records and marketing. Afya acquired 100% for R$7,901 thousand (R$5,855 cash, R$454 consideration to be transferred, plus a contingent earn-out with present value of R$1,592). It reinforces the Digital Services segment.
UNIFIPMoc (Sociedade Padrao de Educacao Superior Ltda.) is a post-secondary education institution with government authorization to offer on-campus undergraduate medicine and health programs in the states of Minas Gerais and Bahia (Montes Claros campus, ~100 approved medical seats). Afya acquired 100% for R$328,322 thousand, paid entirely in cash. Goodwill was allocated to the Undergrad segment. An additional 40 seats remain pending MEC approval (potential further payment of up to R$50,000).
Unigranrio (comprising Companhia Nilza Cordeiro Herdy de Educacao e Cultura and three related entities) is a post-secondary education institution authorized to offer on-campus undergraduate and graduate medicine and health programs in the states of Rio de Janeiro and Santa Catarina (Duque de Caxias 198 seats + Rio de Janeiro 110 seats = ~308 approved medical seats). Afya acquired 100%; the original R$626,116 thousand price (60% cash at close, 40% in four equal CDI-adjusted installments through 2022-2025) was adjusted to R$618,956 thousand for actual net debt. An additional 82 seats remain pending MEC approval (potential further payment of up to R$90,200).
RX PRO (RX PRO Solucoes de Tecnologia Ltda. and RX PRO LOG Transporte e Logistica Ltda.) operates a solution that connects physicians with the pharmaceutical industry, providing specialized, personalized marketing for pharma companies in a more convenient way for physicians. Afya acquired 100% for R$45,622 thousand (R$30,263 cash, R$76 price adjustment, R$5,112 in Afya treasury shares, plus a contingent earn-out with present value of R$10,171). It reinforces the Digital Services segment.
On November 5, 2021 Brazil's MEC authorized 120 medical school seats in Garanhuns, State of Pernambuco, and shareholder Nicolau Carvalho Esteves assigned to Afya Brazil the right to develop the ITPAC Garanhuns greenfield medical school. Management concluded the transaction does not fall under the definition of a business but is an acquisition of a license with indefinite useful life, recognized in intangible assets (not a business combination). No purchase consideration is disclosed as a business acquisition.
On March 4, 2022, Afya Brazil acquired 100% of BMV Atividades Médicas Ltda. ("Além da Medicina"), a medical-content online platform for physicians and medical students. Its content includes residency mentoring, soft skills, and finance, accounting and investment basics for physicians. The purchase was allocated to Afya's Digital Services segment, adding roughly R$12,859 of revenue from the acquisition date.
On April 5, 2022, Afya Brazil acquired 100% of Cardiopapers Soluções Digitais Ltda. ("CardioPapers"), the leading medical content and education platform in the cardiology field, offering courses and books developed by physicians for physicians across all phases of the medical career. It was integrated into Afya's Digital Services segment and contributed about R$9,934 of revenue from the acquisition date.
On May 23, 2022, Afya Brazil acquired 100% of Quasar Telemedicina Desenvolvimento de Sistemas Computacionais Ltda. ("Glic"), a free diabetes care and management app for physicians and patients that uses technology to connect users, devices and healthcare providers. The acquisition was allocated to Afya's Digital Services segment.
DelRey (Sociedade Educacional e Cultural Sergipe DelRey) is a post-secondary education institution authorized to offer on-campus undergraduate and graduate degree programs in medicine and health, plus other courses, across the states of Alagoas and Pernambuco. The deal encompasses the operations of Centro Universitario Tiradentes Alagoas (UNIMA) and Faculdade Tiradentes Jaboatao dos Guararapes (FCM Jaboatao). It added 340 medical school seats to Afya and contributed R$240,107 thousand of revenue and R$82,147 thousand of income before income taxes in 2023.
Unidom (Unidom Participacoes S.A.) is a Bahia-based post-secondary education institution authorized to offer on-campus undergraduate and graduate degrees in medicine and health, encompassing the Unidompedro and Faculdade Dom Luiz brands with operations in Salvador, Luis Eduardo Magalhaes, Barreiras and Ribeira do Pombal. Afya Brazil acquired 100% of the share capital on July 1, 2024. The deal added 300 authorized undergraduate medical school seats to Afya's Undergrad segment (125 final and 175 subject to a final court ruling), bringing Afya to 3,593 total approved medical school seats as of December 31, 2024.
On May 7, 2025, Afya Brazil acquired 100% of Faculdade Masterclass Ltda. ("FUNIC"), a medical school in Contagem, in the metropolitan area of Belo Horizonte, Minas Gerais, that added 60 approved medical-school seats and began operating in the second half of 2025. The aggregate purchase price was R$100 million: R$60 million (net of estimated net debt) paid in cash at close and R$40 million payable in three equal annual CDI-adjusted installments. Because FUNIC had not yet started operations, Afya accounted for it as an asset acquisition rather than an IFRS 3 business combination.